LegalTech Artificial Intelligence (AI) Market Major Industry Segments 2020 – 203Posted by Dinesh on April 19th, 2021 Global LegalTech Artificial Intelligence (AI) Market: IntroductionTechnology companies in the legal sector are known as LegalTech companies. They provide software and tech-enabled services to the legal sector, businesses, and consumers. Artificial Intelligence (AI) in LegalTech is widely used for several applications. Companies are using machine learning and natural language processing technologies and developing software to cater to diverse applications in the legal technology sector. Law firms invest significant amounts of time in reviewing contracts, which can be done in less time without compromising on quality with the help of Artificial Intelligence. The effects of Corona virus has directly influenced the growth of the market. As a result of the corona virus lockout, the bulk of law firms businesses closed, which significantly hampered the market for legal-tech artificial intelligence solutions. Get More Press Release by TMR: https://www.prnewswire.com/news-releases/integration-of-rfid-technology-widening-application-expanse-to-boost-transportation-management-system-market-immensely-explains-projected-growth-at-whopping-14-3-cagr-for-2020—2030—tmr-301263201.html A few products in the LegalTech Artificial Intelligence market are niche, while others are more generic AI solutions. Companies such as IBM Corporation and Zero focus on legal analytics. Other companies such as Apttus Corporation and iManage focus on offering contract management solutions. The LegalTech Artificial Intelligence market is not mature enough. Research is still ongoing for identifying the use of legal tech Artificial Intelligence in different applications and its impact on the legal sector. The humanlike functions performed by Artificial Intelligence software such as learning, decision making, and planning drives demand for it. Chatbots are also drawing attention in the legal sector and are expected to become a trend in the market. Artificial Intelligence is helping lawyers perform tasks efficiently and in time. However, it is not expected to replace lawyers in the future. Nevertheless, lawyers need to focus on attaining different skills to work alongside AI technology. Global LegalTech Artificial Intelligence (AI) Market: Dynamics
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North America Led the Global Market in 2019
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